Allocating $520 million for the development of oil exploration
economic Last update 06/26/2022 | 11:40 AM
: The Oil Exploration Company announced, on Sunday, allocating an amount of 520 million dollars to develop the exploration sector for crude and increase Iraq's reserves.
The company's director, Basem Muhammad Khudair, said in a statement reported by the official "Al-Sabah" newspaper and seen by "The Information", that
"the company has prepared a five-year plan at a cost of 520 million dollars aimed at developing the exploratory sector, financing projects, purchasing modern equipment and devices, training workers and improving infrastructure by launching major projects."
Khudair pointed out that “the government should take great care to include in the budget the allocations required to match plans for expansion of exploration projects in associated and free gas, in order to
reach 80 percent of self-sufficiency in Iraq’s needs by 2026, and to
equip power plants that depend on importing part of it. From outside".
He explained, "There are 9 exploration teams affiliated with the company deployed in the governorates of Nineveh, Anbar, Najaf, Muthanna, Basra, Wasit and other governorates," noting that
"encouraging quantities of oil were discovered in the Muthanna governorate, and
work is currently underway to search for new reserves to compensate and increase the reserves in the country.". finished/25